Core Insights - The annual performance ranking of private fund managers is in its final stages as of December, with 570 managers having at least three qualifying products, achieving average and median returns of 29.42% and 23.89% respectively for the year-to-date [1][2]. Group 1: Performance Overview - Among the 570 fund managers, 346 focus on stock strategies, representing 60.7% of the total, with average and median returns of 35.26% and 31.1%, outperforming the Shanghai and Shenzhen 300 Index by 17.94% [1]. - Fund managers employing multi-asset strategies and futures/derivatives strategies number 82 and 65 respectively [1]. - The median return for managers overseeing funds of 100 billion and above is 27.92%, while those managing funds between 5-10 billion have an average return of 30.33% [2]. Group 2: Manager Profiles - In the 100 billion and above category, the top 10 fund managers include six from quantitative firms, with all having over 10 years of experience, and four exceeding 20 years [3][6]. - Notable managers include Lu Hang from Fusheng Asset, who ranks third and has a 20-year career, expressing optimism about the market and the undervaluation of the RMB [6]. - Two managers from Ningbo Huansheng Quantitative, Xu Jin and Lu Zhengzhe, also made the top 10, with their average returns exceeding ***% [6]. Group 3: Performance by Fund Size - In the 50-100 billion category, the top 10 fund managers predominantly consist of subjective fund managers, with eight out of ten being from this category [8]. - The 20-50 billion category features seven subjective fund managers in the top 10, with the top five all being subjective [12]. - The 10-20 billion category has all managers with over 10 years of experience, with the top five being from subjective firms [16]. Group 4: Emerging Managers - In the 5-10 billion category, the only quantitative manager to make the top 10 is Yan Xuejie, while the majority are subjective managers [19]. - The 0-5 billion category sees nine subjective managers in the top 10, with half having 10-20 years of experience [23].

Core Insights - The number of billion-level private equity firms has increased to 108 as of October 28, 2025, up from 96 at the end of September 2025, marking an increase of 12 firms [1] - Quantitative private equity firms have emerged as the new main players, with 8 out of the 13 new entrants being quantitative firms [1][2] - The average return for billion-level private equity firms this year is 30.49%, with 98.57% of these firms achieving positive returns [3][4] Group 1: Growth of Billion-Level Private Equity Firms - The number of billion-level private equity firms has risen by 17 compared to the end of 2024, with 31 new entrants and 14 exits [2] - Among the new entrants, 18 are quantitative firms, 9 are subjective firms, and 3 are mixed [2] - Notable new entrants include firms like Xiyue Investment and Square Harmony Investment, while familiar names like Honghu Private Equity and Shanghai New Equation have returned [2] Group 2: Performance Metrics - Quantitative private equity firms have an average return of 33.06%, outperforming subjective firms, which have an average return of 25.92% [4] - Of the 70 billion-level private equity firms with performance data, 69 achieved positive returns, with 35 firms yielding returns between 30% and 49.99% [3][4] - The performance distribution shows that 39 firms have returns exceeding 30%, with the majority being quantitative firms [4]

Core Insights - The median return of private equity firms in Hangzhou for the first three quarters is nearly 29%, with the top 10 firms having a threshold return of over 35% [2] Group 1: Private Equity Firms Overview - There are 47 private equity firms in Hangzhou that meet the statistical criteria of the data provider [2] - Among the top 10 private equity firms, 5 are quantitative, 4 are subjective, and 1 employs a combination of both strategies [2] - In terms of core strategies, 8 firms focus on stock strategies while 2 adopt multi-asset strategies [2] Group 2: Top Private Equity Firms - The top 5 private equity firms in Hangzhou for the first three quarters of 2025 are: Nongfu Private Equity, Haokun Shengfa Asset, Berkshire Investment, Yunqi Quantitative, and Hangzhou Boyan Private Equity [2] - Notable firms in the top 10 include well-known billion-dollar quantitative firms such as Ningbo Huansheng Quantitative and Longqi Technology [2]